GiG Software Posts Q2 Financials, Unveils 888AFRICA Acquisition

GiG Software, a leading B2B iGaming tech provider, has published its financial results for the second quarter of 2026. In addition to reporting its financials, the company also unveiled the acquisition of an 80% stake in 888AFRICA. The Company Publishes Its Financial Report In its announcement, GiG Software announced that its revenue for the second quarter of 2026 reached EUR 8.8 million ($10.25 million), down 5% year-on-year. The company attributed this decrease to the insolvency of Richmond Atlantic and lower non-recurring revenue. The company’s adjusted EBITDA for the period decreased slightly to EUR 0.8 million ($0.93 million) at a margin of 9%. In the meantime, GiG Software’s operating loss almost doubled, reaching EUR 6.9 million ($8.04 million) for Q2. The company attributed this unfavorable development to the significant impact of one-off bad debt provisions of EUR 3 million ($3.49 million). As for the company’s H1 results, revenue reached EUR 17.8 million ($20.73 million), versus EUR 18.4 million in the prior-year period. Adjusted EBITDA for the first half of the year was EUR 1 million ($1.16 million), compared to EUR 1.4 million in H1 2025. As of June 30, the company had EUR 3.5 million ($4.08 million) in cash and cash equivalents. GiG Sets Out to Acquire 888AFRICA In the meantime, GiG Software announced that it has entered into an agreement to acquire an 80% stake in 888AFRICA, which it called a “cash-generative, profitable, fast-growing African B2C operator.” GiG has put forward EUR 16.4 million ($19.1 million)for the acquisition, which is set to be funded through a mix of equity and convertible debt with existing shareholders. The arrangement, which is subject to shareholder and regulatory approvals, is expected to boost GiG Software’s full-year results. The company now anticipates FY 2026 revenue of EUR 44-48 million ($51.25-55.91 million), as well as adjusted EBITDA of EUR 5-7 million ($5.82-8.15 million). The company plans to maintain its cost discipline and expects to make favorable strides in Africa. Most notably, GiG Software believes that the integration of 888AFRICA will allow it to become a cash flow-positive business. Speaking of cost discipline, in Q2, the company delivered its previously announced €4.5 million ($5.24 million) annualized cost savings program in full, renewed four contracts and signed three new ones. The company also reported nine brand launches in key markets. The Leadership Hails the Results Richard Carter, GiG Software’s CEO, was pleased with the company’s continued efforts to streamline its business into a leaner and more focused one. He was also excited to announce the agreement with 888AFRICA, which he called a “transformational acquisition.” He concluded: “I am confident that the actions we have taken this year, both to reset our cost base and to complete this transformational acquisition, leave GiG structurally stronger, more focused and better positioned to deliver long-term value for our shareholders, our customers and our people.”